The trial balance of Pharoah Company at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $18,790; Purchases $226,730; Sales Revenue $197,300; Freight-In $9,720; Sales Returns and Allowances $4,390; Freight-Out $3,790; and Purchase Returns and Allowances $5,550. The ending inventory is $23,500. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022. Pharoah Company Income Statement For the Year Ended August 31, 2022 Revenues Sales Revenue Less Sales Discounts Net Purchases 197300 9720 226730 Less Cost of Goods Sold 226730 Inventory. August 31.2022 Inventory. September 1.2021 Total Expenses Net Income/(Loss) 197300 18790 23500 42290 $ 42290